NPM's recent decline is indeed quite heartbreaking, and there are several possibilities worth considering.

First, could it be that the project team's accounts encountered risks? Although this situation is rare, it is not impossible.

Second, perhaps the project team and the project itself have diverged, with early promises deviating from reality, leading to a loss of community popularity and being entangled in many FUD.

There's also a less pleasant but necessary possibility—if team members secretly dumped their holdings after laying out their chips in advance, such internal sell-offs have been seen quite often in the crypto world.

The specific cause can only be determined by on-chain data. Large position changes, counterparties' directions, transfer records—these hard indicators often reveal some truths. This is also why investors are increasingly paying attention to on-chain analysis—data doesn't lie.